Naira swap policy: EFCC to arraign ex-CBN Governor Emefiele on May 15

The EFCC alleged that he disobeyed the direction of law with intent to cause injury to the public during his implementation of the naira swap policy

The Economic and Financial Crimes Commission (EFCC) will, on May 15, arraign former CBN governor Godwin Emefiele before the FCT High Court on a three-count amended charge.

In the fresh charge filed against Emefiele, the EFCC alleged that he disobeyed the direction of law with intent to cause injury to the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused the ex-CBN Governor of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

The arraignment was earlier slated before Justice Maryann Anenih.

However, all the parties were not present in court when the matter, case number CR/264/2024, was called.

The court said the prosecution sent a letter seeking an adjournment because Emefiele was standing trial in another court in Lagos.

The judge, therefore, adjourned until May 15 for the arraignment.

Emefiele is also standing trial before Justice Hamza Muazu of FCT High Court on an alleged 20-count amended charge preferred against him by the EFCC.

While he served as CBN Governor, he was alleged to have engaged in criminal breach of trust, forgery, conspiracy to obtain by false pretence, and obtaining money by false pretence.

But Justice Olukayode Adeniyi of the FCT High Court also, on January 8, awarded N100 million damages to Emefiele against the Federal Government and EFCC for violations of his rights.

He further restrained the government and its agents from arresting him unless an order was obtained through a competent court.

The judge held that the respondents need not incarcerate the applicant for a long period to carry out the investigation, as this is against the provisions of the law.

“No material placed before the court to show that the release of the applicant will in any way interfere with the investigation of allegations preferred against him,” said the judge.

Emefiele had dragged the Federal Government, Attorney General of the Federation, EFCC chairman and the commission before the court to enforce his fundamental rights to life, personal liberty, fair hearing and freedom of movement.

He sought a declaration from the court that his continued detention by the agency of the first and second respondents since June 10, 2023, and subsequent transfer to the custody of the third and fourth respondents on October 26, 2023, without being arraigned in court, is unlawful.

In addition, he said the respondents’ deviance from several valid subsisting court orders for his release amounted to a grave violation of his fundamental rights to life and personal liberty, as guaranteed by the 1999 Constitution of Nigeria (as amended) and the African Charter on Human and Peoples’ Rights.


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